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Goal

Through the implementation of Vanguard's My Classroom Economy, students will learn how to budget their income and expenses as they earn a salary and pay bills within the context of their contributions to the operation of the classroom.  

What will be done with my students

Students apply for classroom jobs. The positions of Bank CEO, banker and Fine Officer require a letter of reference. Job offers are made by the teacher. Students fill out required paperwork for the rental of their classroom table space, electricity bill, monthly payment logs, and bank logs. They have the opportunity to earn bonuses during the month for grades and participation in school activities. They also pay fines for violations like gum, off-task behavior, and being unprepared for class. Each student develops a monthly budget. One day a month students are paid for their jobs. They pay their bills and do their banking. At that time they write their budget for the next month, based income, expenses,and goals set for bonuses and fines. Bonuses are necessary because regular salaries do not cover monthly expenses. Students reflect on the prior month's budget and fill in their actual income (pay & bonuses) & expenses (bills & fines). Students are able to set short and long term goals, such as saving for an auction item or to buy their table space. After banking, there is an auction where students can bid on 5 to 6 items, with money they want to spend. This year I am adding an attendance component. Since my students are in algebra, a high school course, they have an attendance requirement. I am treating that like sick days. When they reach the threshold of amount of days they can miss, the next one will be an "unpaid" sick day. Their pay will be docked.  

Benefits to my students

This program instills basic financial responsibility in students as they apply their math skills in a real-world context. Students also invest in the classroom community as their jobs contribute to the smooth, efficient operation of the classroom. With the addition of the "sick days" component, they will learn that they have a responsibility to be in class (or at their job) and that there are financial consequences when they are not.  

Budget Narrative

All of the items are for the monthly auctions. I have 3 classes. The gift cards are from places such as McDonalds & Chick-fil-A. The other items purchased each month are mechanical pencils, colored pencils, and various school items. This was the consensus from the students for what they would like to bid on at auction. 

Items